Global Gene Therapy Market to Witness a CAGR of 14.6% during the 2018-2024

Industry : Press Releases Date :April 19th, 2018

Get 15% Discount on First Report

Gene Therapy Market

The global gene therapy market is expected to witness a CAGR of 14.6% and is projected to reach USD 558.7 million by 2024. This growth is attributed to the growing number of clinical trial and increasing funding for research and development activities. Moreover, increasing awareness regarding gene therapy and growing number of chronic and genetics diseases are propelling the growth of the market.

Gene therapy is a promising treatment option for number of diseases such as genetic disorders, cancer, and most commonly, gene therapy is an approach to treat the genetic problem at its source. For the possibility of one-time treatment that yield benefits for longer time or even lifetime, the major players are investing in research and development activities.

Advancement in Research and Development and Vector Technology Drives the Growth of the Industry

Healthcare professionals and scientists are conducting clinical trials to develop new products in this field. Gene therapies are promising therapies to treat many disabling and chronic diseases that were previously untreatable. Gene therapy is used to treat wide range of disorders such as genetic disorders, several types of cancer, neurological disorders.

Cancer is the most common worldwide problem in healthcare sectors. The manufacturers are investing in the field of oncology owing to growing development in gene therapy to cure cancer. Neurological disorders are the most difficult to treat with pharmacological symptoms due to the difficulty of the nervous system and the physical barrier that limit the distribution of drugs into CNS systems. Scientists have developed the medium (vector-mediated) for the transfer of gene which crosses the blood – brain barrier (physical barriers). The advancement in vector technologies (viral vectors and non-viral vectors) allows researchers to introduce the new technology for the transfer of gene into the body.

Global Gene Therapy Market – Regional Insight

North America has witnessed to hold the maximum share of the global market and the trend is likely to continue over the forecast period. The growth in this region is attributed to growing number of people suffering from chronic diseases, and increasing number of clinical trials. The National Institute of Health (NIH) of the United States is doing a remarkable work by maintaining all databank of accomplished and gene therapy clinical trials.. Asia Pacific will witness the highest growth rate of gene therapy in coming years.

The report segments gene therapy market on the basis of types, vectors types, application, and region. To view a summary of this report, go to the link provided below:

On the basis of vectors type, the viral vectors hold the major share of the market in 2017

Based on application, the oncology diseases segment hold the major share of market due to growing number of cancer patients, as well as increasing number of research and development activities in this segment

North America held largest share of the industry and is expected to continue its dominance over the forecast period. Asia-Pacific region is anticipated to witness the highest CAGR over the forecasted period